Field asks TPR what lessons can be learnt from Kodak scheme

Work and Pensions Committee chair, Frank Field, has questioned The Pensions Regulator’s chief executive, Lesley Titcomb, on the lessons that can be learnt from the Kodak pension scheme, after it was revealed it is “likely” to enter the Pension Protection Fund.

His letter follows an update to members of the Kodak Pension Plan 2 (KPP2) from trustees that stated it is “likely” that the scheme will fall into the PPF.

Field noted that the PPF is now facing its biggest claim to date, and asked what the regulator could learn from the “unusual experience”.

“Members of the scheme have received benefits better than the PPF for more than four years longer than they might otherwise have done, which is welcome. Nevertheless, the PPF is now facing its biggest single claim to date.

“In the light of this announcement, might you please reflect on whether there are any lessons that The Pensions Regulator could usefully learn from this unusual experience? In particular, it would be helpful to have your assessment of the level of protection it has provided for the PPF, as envisaged by the section 89 report," he wrote.

In his letter, Field also highlighted the “unusual circumstances” that led to the creation of the scheme, following a regulated apportionment arrangement that required the approval of the regulator.

The regulator agreed a governance framework in relation to the scheme that involves regular, scheduled monitoring of the performance of the Kodak Alaris businesses and the scheme’s funding position; restrictions on the augmentation of benefits; restrictions on investments; and, triggers for the winding up of the scheme, based on the position of the scheme.

    Share Story:

Recent Stories


A changing DC market
In our latest Pensions Age video interview, Aon DC senior partner and head of DC consulting, Ben Roe, speaks to Laura Blows about the latest changes and challenges within the DC sector

Being retirement ready
Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’

Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

Advertisement Advertisement Advertisement